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CONNECTICUT $114.9 MILLION GENERAL OBLIGATION TAXABLE BONDS RATED 'AA+' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Nov. 24 ~PRNewswire~ -- The state of Connecticut's $114.94 million general obligation taxable bonds (1992 Series) are rated "AA+" by Fitch. Pricing of the issue, originally set in the amount of $124 million and expected during the week of Nov. 16, will be on Nov. 24 through a syndicate led by Morgan Stanley & Co., Inc., and Grigsby Brandford & Co., Inc.
 The credit trend is stable, with prospects based on Connecticut's wealth and economic resources. Financial stability has been restored with operations in 1991-92 resulting in a surplus. A balanced budget has been adopted for 1992-93. Last week, the state announced a downward revision in its estimates of personal income tax receipts and refunds, offset by an increased projection of corporate taxes. A shortfall of $29 million is to be met from executive reductions in agency allotments. It is also possible that the state may be liable for a federal Medicaid penalty of $30 million this year but regulations governing the matter are not yet final.
 Debt is high but manageable and, at a level of $7.7 billion, is equal to $2,348 per capita and 9.0 percent of personal income.
 -0- 11~24~92
 ~CONTACT: Claire G. Cohen of Fitch, 212-908-0552~


CO: State of Connecticut ST: Connecticut IN: SU: RTG

GK -- NY040 -- 1035 11~24~92 11:47 EST
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Publication:PR Newswire
Date:Nov 24, 1992
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